Blockchain AI (artificial intelligence) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Blockchain AI Market
The blockchain AI market size was valued at USD 18.46 billion in 2023, and the market is now projected to grow to 22.05 USD billion by 2032, exhibiting a CAGR of 23.6% during the forecast period of 2023-2030.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. The COVID-19 pandemic has negatively affected the operations of numerous sectors in multiple areas. The present coronavirus problem has impacted many facets of society, including persons and businesses, and is short-term impeding the expansion of the blockchain AI industry. Amid the COVID-19 pandemic, the blockchain and internet ecosystem have been instrumental in speeding up digital transformation projects and activities. Industries like media & entertainment, telecom & IT, healthcare & life sciences, and BFSI are using the internet to offer blockchain-related services to customers. These factors affected the blockchain AI market growth.
This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. A lot of growth has been observed in the recent times because of this particular factor that contributed and also acted as a catalyst to the overall development of the product market. This has ultimately outraged the sales and demand for this particular market growth and prosperity. Data monetization solutions help businesses gain insights from company data during the analytics phase and expand the capabilities of business applications. These solutions are used by organizations to make accurate business judgments. Solutions for customer data monetization give IT workers a platform to create, plan, implement, and launch applications in accordance with specifications. Enterprise use of data monetization solutions is anticipated to increase as a result of developments in big data, the Internet of Things, and artificial intelligence (AI). These particular growth driving factors have been recorded to attribute the blockchain AI market share.
A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. A major factor driving this market's expansion is anticipated to be the growing need among major corporations for blockchain and AI-based natural language processing (NLP) solutions. The non-modifiable, irreversible, and immutable facets of blockchain, along with its fault-tolerant and intervention-free qualities, are essential for protecting the private information produced by NLP algorithms and solutions. ERP systems, security management systems, and other applications can be expanded by end users with the aid of blockchain solutions built on natural language processing. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.
Comprehensive Analysis of Blockchain AI Market
The segmentation of this particular market has been divided and then further subdivided into various categories. The blockchain AI market is divided into platforms and services based on the component. The market is separated by technology, including natural language processing (NLP), computer vision, and machine learning (ML). The blockchain AI industry is divided into two categories based on deployment: on-premises and cloud-based. The market is divided into several segments based on their respective applications, including supply chain management and logistics, payments and settlements, smart contracts, governance, risk, and compliance (GRC) management, and others. Industry-wise, the blockchain AI market is divided into BFSI, energy and utilities, government, healthcare, life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel & transportation, and other sectors.
This particular region has augmented a lot in the past few years in this particular product market. This specific region held the biggest revenue share. Throughout the projection period, North America is anticipated to hold the largest market share for blockchain AI. The main factor contributing to the region's dominant position is the rise in investments and the number of blockchain projects in the US and Canada. This particular region is actually growing a lot and is anticipated to augment more over the years. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue.
Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes BurstIQ, LLC (U.S.),
Figure Technologies (U.S.), Cyware Labs Inc. (U.S.), Core Scientific (U.S.), NetObjex, Inc. (U.S.), Fetch.ai (England), Ai-Blockchain (U.S.), Alpha Networks (Taiwan), Bext Holdings Inc. (U.S.), and SocialTrendly, Inc. (U.S.).
In November 2021, This particular company has attributed the market growth in terms of revenue and shares system. In series D fundraising, Figure Technologies Inc. raised USD 200 million at a valuation of USD 3.2 billion. The investment will allow the financial services sector to be reinvented through the use of blockchain technology. This particular development and investment the global market has been recorded to be a boon for the market growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2018
Unit Value (USD million)
Segmentation Component; Technology; Deployment; Application; Industry; and Geography
By Component Platform
Services
By Technology Computer Vision
Machine Learning (ML)
Natural Language Processing (NLP)
Others (Context Awareness, etc.)
By Deployment Cloud-based
On-premise
By Application Smart Contracts
Logistics and Supply Chain Management
Payments and Settlements
Governance, Risk, and Compliance Management
Others (Asset Tracking and Management, etc.)
By Industry BFSI
Energy & Utilities
Government
Healthcare and Life Sciences
Manufacturing
Telecom, Media & Entertainment
Retail & Consumer Goods
Travel and Transportation
Others (Education, etc.)
By Geography North America (By Component; Technology; Deployment; Application; Industry; and Country)
The United States (By Technology)
Canada (By Technology)
Mexico (By Technology)
Europe (By Component; Technology; Deployment; Application; Industry; and Country)
The United Kingdom (By Technology)
Germany (By Technology)
France (By Technology)
Italy (By Technology)
Spain (By Technology)
Russia (By Technology)
Benelux (By Technology)
Nordics (By Technology)
Rest of Europe
Asia Pacific (By Component; Technology; Deployment; Application; Industry; and Country)
China (By Technology)
Japan (By Technology)
India (By Technology)
South Korea (By Technology)
ASEAN (By Technology)
Oceania (By Technology)
Rest of Asia Pacific
The Middle East & Africa (By Component; Technology; Deployment; Application; Industry; and Country)
Turkey (By Technology)
Israel (By Technology)
GCC (By Technology)
North Africa (By Technology)
South Africa (By Technology)
Rest of the Middle East & Africa
South America (By Component; Technology; Deployment; Application; Industry; and Country)
Brazil (By Technology)
Argentina (By Technology)
Rest of South America